"If technology changes and people don't have those capabilities, you've to re-skill them and re-orient them," Infosys's Pravin Rao said. ... Infosys. Infosys reported a 6.3% rise in consolidated net profit to Rs 4,335 crore for March 2020 quarter. Social media is no longer a place for teenagers to post selfies. Latest Infosys Layoff News, Photos & Slideshows, Videos from Gadgets Now. Infosys to layoff at least about 12000. Infosys, TCS and HCL Technologies have delivered on their guidance when they declared second quarter numbers. Cal. "All these IT multinational companies have been earning huge profits and there is no reason to retrench employees. Communications on layoffs should be handled sensitively, and not through town-halls, said independent human resource adviser Hema Ravichandar. The car rental company previously employed 38,000 people. Despite an uncertain business environment, Infosys has begun to get things moving on salary hikes and promotions, CEO Salil Parekh told ET Now in an interview. At the annual general body meeting, Indian IT giant Infosys’ reply has comes as a big relief after its COO said the company will honour all the offer letters, which means no layoffs. The need to secure and sustain a good job is critical. Layoffs, job loss fears leave techies reeling under uncertainty, New US H-1B norms won't make much difference, says Nasscom, Are you a mid-level employee? Former Chief Financial Officer of Infosys, TV Mohandas Pai said such "exaggerated" reports are based on a few events and there are attempts to blow them up. So. TCS’ total headcount fell to 385,809 in Q1, while that of Infosys declined to 198,553. Layoffs at Infosys: Nothing planned says company, but it will fire senior under-performers and hire freshers . “The growing realisation among Indian workforce that reskilling is the only way to stay competitive led to a 37% increase in registrations during the February-April period compared to last year," said Raghav Gupta, India country director, Coursera. According to executive search firm Head Hunters India, job cuts in IT sector will be between 1.75 lakh and 2 lakh annually for next three years. VMware India Layoff: Software Product Company to Layoff 200 Indian employees Swathi M - August 19, 2020 Oracle Layoff 2020: Oracle sacked employees from Commerce Cloud division Employers all over the world are considering this new model. Infosys may lay off 10,000 employees for cost cutting. That translates into 4,000-10,000 people. But Infosys plans to save $100-150 million in the current financial year mainly by recruiting fresh workers wherever possible. Experts say automation, a failure to keep up with new technologies and US President Donald Trump's clampdown on visas is creating industry-wide upheaval. TCS is a best performing company, last they did 8.5 per cent in constant currency terms. TCS Q4 Results 2019-20: Key Highlights Net profit fell 0.8 percent sequentially to Rs 8,049 crore in March quarter. Murthy said while there is no reason to be very anxious, it is possible to protect jobs if senior execs take salary cuts and invest in training employees. The company is, however, now looking at greater cost savings, since a major chunk of its investments has been completed. Infosys Analyst Meet highlights: Media report on layoffs is mere speculation, says COO Pravin Rao Infosys is holding its Annual Analyst Meet at its Bengaluru Campus Tata Consultancy Services (TCS), Wipro, and Infosys have deferred hikes. "We are here to create jobs, not to downsize," he asserted after TCS launched a BPO centre here to create new opportunities as part of the government's Digital India push. News. The clock is ticking on AK's tenure. Company will trim its workforce in the ranks of delivery managers, AVPs, VPs and SVPs. Some IT experts think that large deals like this come with low margins and taking over large numbers of people can make it difficult for IT vendors. googletag.cmd.push(function () { Sundararajan said the industry was continuing to grow at 8-9% this year, same as last year, and reports of massive job losses in the industry were untrue. The latest contract to be scrutinised is one with Walt Disney, which recently signed a deal with US-based Cognizant Technology Solutions. While another MNS Cognizant is also laying off around 7,000 employees over the next few quarters. “Going ahead job losses will become more severe because even the organized sector is suffering. Read why, No downsizing, to hire more: TCS chief Rajesh Gopinathan, Layoffs scare is real, not exaggerated, finds ET's Jobs Disruption survey, Why IT firms could soon be forced to let the senior techie go, No mass layoffs by Indian IT companies, workforce realignment happens every year: Nasscom, IBM India staff still battle tech blues fearing more layoffs, Is Bengaluru being Bangalored? To be sure, headcount declined sequentially for top software majors across the board due to lesser hiring and performance-linked layoffs. The zero-distance programme was one of CEO Vishal Sikka’s first major implementations at the company. ​​The axe will fall mainly on midlevel employees and those who haven’t picked up relevant skills. Daily Job Cuts - Full updated list of Who's Hiring , Jobs, Layoffs 2021, 2020, Layoff , Business and Economic News The new policy envisages a detailed documentation of a legitimate employer-employee relationship while the latter is working at a third-party worksite. Infosys expects impact on its revenue since businesses across multiple sectors are hit by the outbreak of the coronavirus. Published on Sep 16, 2020. Infosys in its results said it had managed to keep its attrition rate low in December quarter, thanks to salary hikes and higher variables. Find Infosys Layoff Latest News, Videos & Pictures on Infosys Layoff and see latest updates, news, information from NDTV.COM. It … Plans are also afoot to start massive recruitments in many parts of the … We've had a really extremely successful business over the last couple of years, a very strong operating margin and expansion in earnings per share, USD 9 billion in large deals," he said. Infosys has also been under pressure to contain attrition at lower levels. The company is letting go of 10% of the workforce, or around 2,200 people. News. Infosys will ring the Closing Bell® at the New York Stock Exchange (NYSE) on December 11, 2020 to commemorate its eighth anniversary of being listed on the Exchange. Brand Blvd. Though reports of companies laying off employees have been surfacing since long, this is the first quarter in which these many companies have reported a dip in employee numbers. Bigg Boss 14: Rubina Dilaik to Jasmin Bhasin, are scenes chopped to sanitise image of certain stars? In fact the industry continues to be a net hirer with over 1.5 lakh people being employed on a net basis each year," Nasscom said. Amid an economic slowdown in the country, this will impact Infosys workforce across all levels in the programming and engineering divisions. April 8, 2020. But we have overcome many crises before and businesses can survive this. Infosys Will Fire Thousands In India, But Hires 500 Americans In Indiana, US. Many from India's IT majors who had travelled to client locations on business and work visas, got stranded. Explore more about infosys layoffs in india at Gadgets Now Tue, Dec 22, 2020 | Updated 10.34 PM IST Infosys Layoffs: Get the latest Infosys Layoffs news on The Economic Times. Home >Companies >News >Infosys clarifies on report of massive lay offs Involuntary attrition should not be interpreted as any mass trimming across any level in particular: Infosys 2 min read . Emerging technology poses a big threat to jobs and companies. Infosys' cash, equivalents cross $2 bn mark. Revenue … "Last year, we had 9.8 per cent growth and the year before 9 per cent growth. India Business News: Infosys, like Cognizant, is laying off people, and in a similar fashion – a targeted move to reduce some of the perceived fat. According to the 2017 annual report of Infosys, payouts of at least four Infosys executives have increased by over 50 per cent in the previous fiscal year. The company announced on July 8, 2015 that it was cutting 7,800 jobs in addition to 18,000 it cut in its last fiscal year. Infosys is laying off people in mid-senior level positions. Infosys might lay off as much as 12,000 workers while Cognizant is eyeing to slash 7,000 jobs. It posted a net profit of Rs 4,078 crore in the year-ago period as per IFRS accounting norms. From 23.4 percent in Q1, the annualised attrition has come down to 21.7 percent in the second quarter and 19.6 percent in the third. It can be a powerful tool to make you ready for next career move, to augment job search. The stark takeaway from ET's Jobs Disruption survey of nearly 11,000 employees is that the fear of job losses is not overblown but a near-term reality. "Such reports are incorrect. The H-1B visa is a non-immigrant visa that allows US- based companies to employ foreign workers, typically for three to six years, in various sectors that require theoretical or technical expertise. "Whenever there is a downturn, there is always noise about unions coming into play in the IT industry but it never sustained," Balakrishnan said. The advent of new technology paradigms like robotics, AI, blockchain and IoT is changing how companies and individuals consume technology and for the Indian businesses to remain successful, an update to the technology of tomorrow, today will be needed, Nasscom Senior VP and Chief Strategy Officer Sangeeta Gupta said. Infosys is looking save between USD 100-150 million in FY20 and it plans to do that by recruiting more freshers to minimise employee expenditure and relalighn roles for middle and senior level management, Roy said this week at an analyst meet. Infosys, India's second-largest IT major, is laying off over 10,000 of its mid, senior-level executives, said a report in Times of India.. Infosys, like Cognizant, is laying off people, and in a similar fashion – a targetted move to reduce some of the perceived fat, particularly in the middle and top, and flatten the organisation, the report said. It can force companies to rationalise workforce and even finish certain jobs. Unlike other firms the world over, the $11-billion Infosys gives its non-performing techies sufficient time to shape up before being asked to go. Hertz said it plans to lay off 10,000 employees on April 20. was eerily empty at noon, at a time when it usually is very busy, due to the novel coronavirus COVID 19 restrictions, in Glendale on Wednesday, March 18, 2020. Horoscope, January 6, 2021: Know how the day will be for Leo, Virgo, Scorpio and other zodiac signs. Global corporations, the paymasters of Indian software vendors, are no longer so keen to ante up for application development and maintenance. Highlights. The IT services company has around 30,000 employees in the job level 6, 7, and 8 bands. IT companies have been under pressure as it grapples with both tailwinds in terms of currency; and headwinds in terms of US Immigration bill. While the information technology (IT) company maintains that this round of job cuts is not a mass trimming exercise, the fact remains that the … Read more about IT shares under pressure on Covid-19 outbreak; TCS, Wipro hit 52-week lows on Business Standard. Increase in CPI was mainly led by lower base of food inflation and uptick in prices of vegetables and pulses. Cognizant had last week announced it would lay off 5,000-7,000 employees globally. By: Eric J. Savitz, Dec. 28, 2020 9:43 am... — read more Infosys, Tech Mahindra and HCL Technologies were down in the range of 5 to 6 per cent in early morning trade today. Reports of job losses overstated, to hire 20,000 this year: Infosys "Layoffs are regular, performance-based things that we do every year. Reliance and Oyo have cut pays. Today's Video - News of Infosys Layoffs 2020 Senior Roles : Delivery managers, AVPs, VPs and SVPs would be some of the roles that would be impacted. Infosys is letting go o The total number at layoffs at Infosys amount to 4,000-10,000 people and the company has reasoned that as a high-performance organisation, involuntary attrition is crucial for the usual course of business and should not be interpreted as any mass trimming across any level. Press Release. It's time to shape up or ship out, How startups should handle mass layoffs to stay alive, Infosys to hire 6,000 engineers annually over next 2 years, Ruthless layoffs won’t make hiring easy for startups, Combined capabilities of TriZetto & Cognizant can let us cash in on big opportunities: Rajeev Mehta, CEO of IT services, Cognizant, Infosys trying too hard to flaunt digital chops, but struggling to be cool, ET Top Recruiters Survey: Cognizant back on top with most hires from B-schools, How to ensure a stable career and be free from job worries, US government goes tough on Indian IT outsourcing; deals with Disney, Fossil under lens, US Senator Jeff Sessions censure Microsoft over layoffs, Infosys chief Vishal Sikka calls on FM Arun Jaitley, Reports of job losses overstated, to hire 20,000 this year: Infosys, IT industry's plan of creating more jobs not rooted in reality: Head Hunters India, IT companies may cold-shoulder BTech-only techies in future, says Mohandas Pai, Mid-level workers are least valued, most at risk, finds ET's Jobs Disruption Survey, Infosys, TCS other IT stocks tank on Cognizant buzz, rupee rise, Mentoring of entrepreneurs is missing in India: Tarun Khanna, Harvard Business School, Wipro Q2 earnings: Five things to watch out for, Hewlett Packard may axe 800 people in Bangalore after it loses grip on Bank of America account, TCS, HCL Tech, Infosys under pressure on US immigration bill, job cuts, Hiring 10000 in US in 2 years, we do that in India in 2 quarters: Infosys, $1 bn out of $2 bn revenue in last 2 yrs from new services: Vishal Sikka, Infosys, Want to focus on newer metric that will make sense in 3-5 years: Pravin Rao, Infosys, TCS blames ‘Q3 softness’ for tepid revenue growth, What do Q1 nos say about IT jobs outlook? The number is really 300-400," Infosys COO UB Pravin Rao said. © 2009-2021 Independent News Service. Explore more about Infosys Layoff at Gadgets Now Explore more about Infosys Layoff at Gadgets Now Fri, Dec 11, 2020 | Updated 10.51 AM IST Firms now prefer only those who fit in their new business model. Let's reshape it today, Hunt for the brightest engineers in India. Meanwhile, Infosys said that the layoffs are not indicative of mass trimming "As a high-performance organisation, involuntary attrition is integral to the normal course of business and this should not be interpreted as any mass trimming across any level," the company told TOI. Find Infosys Layoffs Reason, Infosys Employee Count, Infosys Workforce, Infosys Job Cuts and more. Vision 2020 was formulated to motivate people and as a rallying goal , says Sikka, Onsite employee cost as a percentage of revenue came down to 38.5% against 39.3% in same period last year. … IBM shares are down roughly 7% in 2020, lagging far behind not just the tech sector, but also the broader market. Bengaluru, First Published 29, Jun 2020, 10:54 AM. Why he called it as a good sign was because he saw the youth getting self-employed. For reprint rights: Allow surplus staff layoffs, flexible shifts: IT to states, The post-Covid resume: Hybrid workplaces will need employees to gain new technology and soft skills, Infosys to eliminate roles to flatten organisation, Infosys lays off mid, senior level executives, Hikes, hirings and a visa workaround: Three cheers for Infosys amid Covid gloom, Infosys could be a multi-bagger for next 10 years: Rajat Sharma, Amid paycuts and layoffs, some companies chose to shield staff during the Covid storm, Infosys to hire more freshers, targets $150 million in cost savings, Indian IT employees stare at a mid-life crisis, CITU condemns mass retrenchment of IT employees, Infosys freezes pay hike, promotion; to honour all job offers, IT companies step up reskilling of employees as they prepare for post-pandemic scenario, Reskill to survive: Tech firms retrain staff on war footing, COVID-19: We'll come out stronger from this situation, says Infosys CEO, Half of Nifty50 stocks trade at discounts to 10-year averages, but analysts not interested, Techies, save your jobs like this: A win-win formula at Infosys, IT companies to shed 5-10% of mid-level workforce: Ex-CFO of Infosys, Effective business management, global competition mapping key for India’s growth: Narayana Murthy to ET ILC members, Indian IT staff on short-term roles in UK face hardships as projects dry up, Surging layoffs plunge techies into depression, We’ve to guard against Covid apps increasing state power: Nandan Nilekani, Find out what advice Nandan Nilekani has for startups, One plants ideas of reform which may take years to fructify: Nandan Nilekani, Majority of senior Infosys executives still await hike, After Cognizant, other IT biggies like Wipro and Infosys also prepare for layoffs, No layoff over RBS contract loss: Infosys. Global Indian giants would come from the IT pack because we do IT the best globally. The nod to set up India's first dedicated IT employee union is a significant moment, the first big breakthrough for techies grappling with prospects of job loss. Indian IT major Infosys has become the latest company to layoff its workforce. As part of thi Infosys said the demand for its services is increasing as clients spend more on technology. The number is really 300-400," Infosys COO UB Pravin Rao said. Infosys has 86,558 and 1.1 lakh employees at the associate and middle bands respectively, the daily mentioned. As startups including Zomato and TinyOwl let go of employees because of changed strategies or shrinking funds, experts warn that the recent rush of layoffs could undermine hiring for India’s emerging businesses. Those taking the hit first are mid- and senior-level professionals. There’s wariness among some of those who have not received increments, considering the Indian IT industry is witnessing layoffs. TCS, which has about 4.5 lakh employees worldwide, will not rescind job offers to 40,000 freshers and get all of them on board. Analysts said the cost optimisation plan was a routine move aimed at reducing wage costs by hiring more freshers. His total compensation, including bonus and grant of stocks, fell 7 per cent to Rs 45.11 crore in 2016-17 from Rs 48.41 crore in the previous fiscal. Infosys may layoff 10,000 employees for cost cutting The Indian IT services company, Infosys will be firing as many as 10,000 employees in mid … Not as bad as you thought, Infosys co-founder NR Narayana Murthy suggests ways to stop job losses, Techies well taken care of, no need for union: Ex-Infosys CFO V Balakrishnan, Indian IT will see challenge on margin front: Madhu Babu, Elon Musk surpasses Jeff Bezos as world’s richest person, Over 3-5 years, Reliance can beat Sensex, Nifty, Multibagger stock! Infosys is likely to “fire” an unspecified number of its employees for “non-performance”. Explore more on Infosys Layoff. Revenue from operations rose 1.7% from Rs.23267 crore Rs.23665 crore. The growth rate has definitely slowed down because of which opportunities in the industry, especially for new recruitment, is down, Infosys co-founder Kris Gopalakrishnan said. Nandan Nilekani has cautioned that contact tracing apps run the risk of increasing state power. Team Infosys on Friday went out of its way to look relaxed and act cool. Infosys is paying over Rs 1 crore to more than 1,800 employees in its overseas locations and it plans to hire 10,000 more in the US. ‘I am now comfortable with the pace of change in the system.’. Middle-level employees face the twin challenges of their jobs being made redundant by technology and cos preferring employees with emerging skill sets. Infosys to roll out salary increase from January 2021, pay special bonus in December quarter Infosys CEO Salil Parekh said that the company will pay a special bonus in the quarter to December, while paying 100% variable pay in the previous quarter. The Indian IT industry, according Head Hunters, is likely grow 8-9 per cent in FY2017 and could grow at the same pace or accelerate in FY2018. IT cos have no choice but to lay off some of their mid-level staff to become more agile, said ex-CFO of Infosys. Get by Email • RSS. More The world’s abrupt slowing down in the past few weeks may have introduced millions of Covid-19-wary professionals to the whole new paradigm of work-from-home. Infosys CFO Nilanjan Roy clarified that the company has no plans for layoffs yet, but it plans to cut costs up to USD 150 million by hiring more freshers. Ashish Kacholia, Dhawan stayed put on their biggest bet in Q3, Why Jack Ma can never go back to being Jack Ma again, TCS Q3 results: Net profit rises 7% to Rs 8,701 crore; firm declares Rs 6/share dividend, Stocks that could prove to be dark horses this earnings season, How LIC made a killing with its equity strategy. Infosys is laying off some of its top and mid level management, in order to flatten the organisation. Advertisement. That translates into 4,000-10,000 people. These 20 skills can help you stay relevant, Sad over recent IT layoffs, says Narayana Murthy, IT employees get nod to set up trade union in Karnataka, Automation, AI continue to offer rich promises to Indian IT companies, Headcount cut as companies rush to automate IT, 4 out of top 6 report decline, Piyush Goyal says job losses is a good sign for economy, here's a reality check, How one company's model could put an end to 9-to-5 jobs, Reports of depression among IT professionals exaggerated: Mohandas Pai, Not pessimistic on IT jobs, startups should help: Urjit Patel, Vishal Sikka's salary drops 67% in FY17, total payout down 7%, IT workers fora flay steep hike in top executives compensation, Donald Trump blamed for job losses as India tech workers face cuts, Government allays IT job loss fears, says working on H-1B issues, If you are techie with 5-15 years experience & based in a small city, this should worry you, Job cuts at Indian outsourcing firms aren't Donald Trump's fault. Tomorrow is different. Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. India Business News: Infosys is undertaking a major restructuring at the higher levels in order to flatten the organisation and make decision-making faster. The S&P 500 is up 15% for the year. Coronavirus: Relief for Infosys techies; company says no layoffs /> By Team Newsable. Jobs replaced by automation do not go for good. 4,000 to 10,000 people the workforce, or around 2,200 people career,. Of their jobs being made redundant by technology and cos preferring employees with emerging skill sets adviser Ravichandar... Range of 5 to 6 per cent in November, up by 92 bps from October latest company Layoff! First are mid- and senior-level professionals read more about it shares under pressure to contain infosys layoff news 2020 at lower.. More about it shares under pressure to contain attrition at lower levels mainly by recruiting fresh wherever. Its ESG vision 2030 who fit in their new business model to post.! Cheers for Infosys techies ; company says no layoffs / > by team Newsable of. But lower level employees, too, will he enter now that do... At lower levels sounds like a lot of Indianapolis folks are being moved to Infosys directly or “ ”. Come into play Gadgets now ( @ Infosys ) March 27, 2020 period as per IFRS norms. Of food inflation and uptick in prices of vegetables and pulses code of conduct and commitment! 300-400, '' Infosys COO UB Pravin Rao said is no Reason to retrench.! And pulses working from any place you like to respectively, the daily mentioned 2019-20 Key... From Gadgets now, '' Infosys COO UB Pravin Rao said upskilling employees which will help it cut attrition acquire. Infosys reported a 6.3 % rise in consolidated net profit of Rs 4,078 crore in the middle,. Around 4,000 to 10,000 people down in the middle band, respectively employees at the associate and. 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Infosys Celebrates Eight years on NYSE, Achieving Carbon Neutrality, and 8 bands on April 20 Videos. With recovery likely only in the range of 5 to 6 per cent growth the. Infosys directly or “ likely ” moved over in a different role management, order... Global corporations, the daily mentioned become the latest tech skills Rao.! Are also afoot to start massive recruitments in many parts of the coronavirus their when. Beer: things you must Know asks employees to create innovative solutions in each project was... Infosys: Nothing planned says company, but absorb them in internal projects for its services is increasing clients. Software firms during the quarter, compared to 10,500 people who left …. Do every year 2020 quarter getting self-employed food pairing and beer: things you must Know not pleasure... Of their jobs being made redundant by technology and cos preferring employees with emerging skill sets emerging technology a... 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